Everest Medicines (1952) H2 2025 earnings summary

Executive summary

• Achieved record revenue growth in 2025, with sales up 142% year-over-year to RMB 1.71 billion, driven by NEFECONⓇ's commercial ramp-up and NRDL inclusion in China.

• Reached non-IFRS profitability for the first time, with a non-IFRS net profit of RMB 187 million and positive operating cash flow in Q4 2025.

• Ended 2025 with a strong cash position of RMB 2.73 billion.

• Advanced R&D pipeline with key milestones in oncology, nephrology, autoimmune diseases, and launches for NEFECONⓇ, VELSIPITYⓇ, and XERAVAⓇ across Asia.

• Launched 2030 Strategy, outlining a five-year roadmap to deepen the product pipeline, maximize commercial platform value, and globalize R&D and commercialization.

Financial highlights

• Revenue increased to RMB 1,707 million (up 141.5% YoY), mainly from NEFECONⓇ's NRDL inclusion and commercial ramp-up.

• IFRS net loss narrowed by 71% year-over-year to RMB 298 million.

• Gross profit margin (excluding non-cash items) reached 74.1%.

• General and administrative expenses rose due to talent acquisition and market expansion.

• Operating expenses to revenue ratio decreased by 90.1 percentage points, indicating improved efficiency.

Outlook and guidance

• NEFECONⓇ 2026 sales revenue guidance: RMB 2.4–2.6 billion, with expanded sales force and hospital coverage.

• VELSIPITYⓇ expected to ramp up rapidly post-NDA approval, targeting >800 hospitals and 180 sales reps in 2026.

• Cardamyst™ (etripamil) China approval expected Q3 2026, with peak sales potential >RMB 2 billion.

• Strategic goal to exceed RMB 15 billion in revenue by 2030 and become a leading Asia-based global biopharma.

• Plans to advance localized production and NRDL negotiations for XERAVAⓇ and VELSIPITYⓇ, and to scale commercial and R&D platforms.